Suncor sells Alberta conventional oil properties for C$168.5 mln

Reuters Staff

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CALGARY, Alberta, Sept 3 (Reuters) - Suncor Energy Inc , Canada’s largest oil sands producer, said on Wednesday it has agreed to sell some oil and gas properties in Alberta to Tamarack Valley Energy Ltd for C$168.5 million ($154.8 million) as it continues to winnow its inventory of conventional oil and gas properties.

Suncor has been narrowing its focus on Alberta’s oil sands and selling off conventional properties as it expands its operations near Fort McMurray, Alberta. It last year sold its natural-pas operations to Centrica Plc and Qatar Petroleum International for C$1 billion.

The sale is expected to close by year end.

Suncor shares closed up 44 Canadian cents to C$44.11 on the Toronto Stock Exchange on Wednesday while Tamarack Valley fell 12 Canadian cents to C$7.43 on the TSX Venture Exchange.